Your Guide to Prenuptial AgreementsPosted on 26th September 2014 by Goodwins Family Law Solicitors
With the seemingly relentless media coverage that surrounds any celebrity wedding and, in turn, any celebrity divorce, we hear a lot about prenuptial agreements and what they consist of, usually containing eye-watering sums of money. But what exactly is a prenuptial agreement and how do they work if you aren’t lucky enough to have a multi-million pound fortune?
Who can enter a prenuptial agreement?
Prenuptial agreements are available to any couple w
ho are considering entering into a marriage or a civil partnership. The right to a prenuptial agreement is entirely the same whether it is a marriage between a man and a woman or a civil partnership. It sets out an agreement on what, if any, of their assets and other financial claims will be divided up between them in the event of a split.
What are the benefits of a prenuptial?
A prenuptial agreement can bring a number of benefits to the involved parties, with a pre-agreed division of assets preventing protracted court proceedings that could occur if there is disagreement about which party gets what in the event of a divorce. It can also protect assets that you had before the marriage, such as property or vehicles, and back up any agreements that you had in the event of the dissolution of the marriage. It can also save you money, as it can streamline the court process and reduce the fees you have to pay.
Why should I use a solicitor?
Using a solicitor for your prenuptial agreement is not legally required but it is highly recommended, as it increases the prospect of the agreement being upheld if reviewed by the court. The importance of instructing a solicitor is even greater depending on where there are significant assets and income.
Can I change the agreement once I have signed?
You can make changes to the prenuptial agreement after you have signed it, but these changes have to be agreed upon by both parties.
Are the agreements legally binding?
Prenuptial agreements are not always recognised by the courts, which has created problems when lawyers and solicitors try to advise couples on how to proceed with their cases. However, there are growing calls for prenuptial agreements to become legally binding, meaning that couples can benefit from knowing exactly how assets would be broken up in the event of the dissolution of their marriage.
Here at Goodwins Family Law, we are proud to offer the finest legal advice across all aspects of divorce and matrimonial law. Our experienced team will offer you professional, sensitive, realistic advice for as long as you need us to. To find out more, get in touch with us today and we’ll be happy to help.